Welcome to another episode of the Physicians and Properties Podcast! Today, we're doing things a bit differently. It's just you and me for this one, as we explore some things that I have been thinking about lately. Intermittently, I am going to be sharing with you some smaller, more bite-sized episodes which will be hopefully helpful for you on your journey to financial freedom.   

In this episode, you will learn: 

Why skipping a latte won’t lead to financial freedom:

Do not get me wrong. Saving is very important. But, not ever spending money on something you enjoy will not lead you to financial freedom or happiness. Have you ever wondered how many lattes it would take to save up a down payment on an investment property? 

The median home price in America is $436,800, and let's say you need $95,000 for a down payment. If you opted to skip your daily latte (costing $4.65), it would take an astonishing 20,430 lattes to reach your goal. Cutting out lattes alone won't lead you to financial freedom. But, perhaps taking on a few extra shifts or a higher-paying job will get you there much faster. 

Delaying Lifestyle Creep:

For new attending physicians, resisting lifestyle inflation is key.  Live like a resident as long as possible and delay the urge to splurge on big-ticket items early in your career. Skip the liabilities like the fancy car, the enormous house, or the nice suits. Use the savings to buy assets, not liabilities.   

The 10-Year Rule:

The 10-Year Rule is something I heard recently and it changed my life. Now, I know we talked about saving earlier and delaying lifestyle creep but I want to talk about spending for a minute. Consider the 10-Year Rule (shout out to Brian Luebben of the Action Academy Podcast) when considering spending a lot of money on a purchase or a trip. 

It is simple: 
1. Can you afford it? 
2. Are you going to be telling stories about the purchase 10 years later? 
If the answer is yes to both, then buy it.  

The latest purchase that we applied the 10-year rule to was a camper trailer. We bought a used camper trailer and fixed it up over the winter and let me tell you, the memories we have already made in it we will be talking about until we die. 

Let me know what you think about this format of episode and if you gained anything from it please share it with a friend or someone else who will gain value from it. 

About Dr. Alex Schloe 

Dr. Alex Schloe is a husband,  father, and family medicine physician in the United States Air Force. His second passion is investing in real estate. As a real estate investor, he has owned 3 successful short-term rentals. He currently holds a unique geodesic dome short-term rental in the mountains and a long-term rental

Financial freedom might be a few properties away… but disability can wipe out the plan overnight if you’re not protected. Get a free disability quote today at: Leveragerx.com/physiciansandproperties

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